Chain Reactor: Blockchain Projects

PM Network, and Sarah Fister Gale

The corner office is embracing blockchain. As it matures beyond a murky cryptocurrency system that only startups dared to chase, the secure data management technology is becoming a real-world solution for business giants.

Apple, China Construction Bank Corp., Royal Dutch Shell and Toyota Motor Corp. are among the slew of organizations looking to move the needle by launching blockchain projects. In August, one of Japan’s largest insurance companies, Tokio Marine and Nichido Fire Insurance, completed a nine-month pilot project that put paperwork for marine cargo insurance claims on a blockchain. The joint venture with NTT Data will help deliver faster insurance payouts by collecting and sharing information promptly and accurately.

 

Financial services companies are just the tip of the blockchain iceberg. Other sectors—everything from food and energy to transportation and education—are increasingly launching blockchain initiatives in an attempt to solve many of the data transparency issues that plague IT operations. The appeal is obvious: the opportunity to create a permanent, immutable history of any transaction on a decentralized network that cannot be tampered with. In all, 84 percent of organizations have at least some involvement in blockchain technology, according to a 2018 survey from PwC. Nearly 4 in 10 companies surveyed by Deloitte …

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"When one door closes another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us."

- Alexander Graham Bell

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